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Lightinthebox Holding Co Ltd (ADS) (NYSE: LITB) Investor Securities Class Action Lawsuit 08/27/2013

  • If you purchased American Depositary Shares ADS of LightInTheBox Holding Co Ltd (NYSE: LITB), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Lightinthebox Holding Co Ltd
Security
NYSE: LITB

Case Name
Lightinthebox Holding Shareholder Class Action Lawsuit 08/27/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
lightinthebox_holding_co_ltd_settlement_notice_11_2014.pdf
Settlement Proof
lightinthebox_holding_co_ltd_settlement_proof_11_2014.pdf
Filed Complaint
lightinthebox_holding_co_ltd_original_filing_edited_8_2013.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$1,550,000.00
Deadline to Participate in Settlement

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Summary

May 13, 2015 - The court approved the settlement.
March 25, 2015 - The court held a final settlement hearing.

November 26, 2014 - The court preliminarily approved the settlement.

September 5, 2014 - Parties filed a stipulation of settlement.

January 14, 2014 - The court denied a plaintiff's motion for reconsideration of the lead plaintiff order.

November 21, 2013 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 27, 2013 - An investor of American Depositary Shares ADS of LightInTheBox Holding Co Ltd (NYSE: LITB) filed a lawsuit in the U.S. District Court for the Southern District of New York against LightInTheBox Holding Co Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between its June 6, 2013 initial public stock offering ( IPO ) and August 19, 2013.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of LightInTheBox Holding Co Ltd (NYSE: LITB) between June 6, 2013 and August 19, 2013, that LightInTheBox Holding Co Ltd and certain of its officers and directors violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that defendants misrepresented or failed to disclose that LightInTheBox Holding Co Ltd's sales growth had dramatically decreased during the second quarter of 2013, the period ended June 30, 2013, that LightInTheBox Holding Co Ltd’s costs had grown more than its sales during the second quarter of 2013, and that as a result of the foregoing, LightInTheBox Holding Co Ltd was not on track to achieve the financial results defendants had led the market to expect between June 6, 2013 and August 19, 2013.

LightInTheBox Holding Co Ltd reported that its annual Total Revenue increased from $116.23 million in 2011 to $200.01 million in 2012 and that its respective Net Loss declined from $24.53 million to $4.23 million.

Shares of LightInTheBox Holding Co Ltd ARD (NYSE: LITB) grew from $11.61 per share on June 6, 2013 to $23.10 per share on August 14, 2013.

Then on August 19, 2013, LightInTheBox Holding Co Ltd (NYSE: LITB) reported its second quarter 2013 financial results.

Shares of LightInTheBox Holding Co Ltd ARD (NYSE: LITB) dropped from over $23 per share on August 14, 2013, to $9.72 per share on August 23, 2013.

The plaintiff seeks to recover damages on behalf of all purchasers of LightInTheBox Holding Co ADS between June 6, 2013 and August 19, 2013.

On August 27, 2013, LightInTheBox Holding Co Ltd (NYSE: LITB) shares closed at $10.09 per share.

lightinthebox_holding_co_ltd_original_filing_edited_8_2013.pdf
Date Settled